CERAWeek comes weeks after climate change and the energy transition were key themes at the annual International Petroleum Week in London, another top oil industry conference. It’s also occurring amid a push in the U.S. House of Representatives for a stronger response to climate change.
For Big Oil, the trouble is more acute as it needs to carefully make bets outside petroleum in a rapidly evolving landscape. "The market and policy signals in areas like solar and electrification are already becoming much stronger and we are starting to lay down some bigger bets," Dudley said in his speech, which was received with muted applause before proceedings moved on to a question-and-answer session. He also expressed support for natural gas, a cleaner form of energy.
But he’s confident that the industry could adapt. "We can readily reshape BP however fast the energy transition unfolds -- and I’m sure it’s a similar story at the other majors," he said.
This article provided by Bloomberg News.